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HTZ

Hertz

$14.24

-1 (-6.56%)

16:12
08/08/17
08/08
16:12
08/08/17
16:12

Hertz reports Q2 total U.S. RAC revenues $1.5B, down 4%

Total U.S. RAC revenues were $1.5 billion in the second quarter 2017, a decrease of 4%, versus the same period last year. Transaction days decreased by 3% year-over-year as compared to a strong second quarter 2016, which was driven by replacement rentals from unusually high customer vehicle recall activity. Pricing, as measured by Total RPD, decreased by 2% in the quarter, driven by a change in customer mix year-over-year and weaker ancillary revenues. Second quarter U.S. RAC net vehicle depreciation per month increased 27% versus the same period last year to $353 per unit primarily driven by declining residual values, accelerated vehicle disposition timing and fleet quality and mix investments. Despite the decrease in industry residual values, the Company stayed on course with its fleet optimization plan, selling 35% more vehicles year-over-year and onboarding a richer mix of model year 2017 vehicles. As planned, the Company reduced its total average fleet by 1% in the second quarter compared with a year earlier, as the number of core rental vehicles declined by 3%, partially offset by an increase in the vehicles dedicated to the ride hailing fleet. While utilization declined by 130 basis points in the quarter, the Company has made early progress toward driving customer satisfaction and improving profitability longer term. Its goal of reducing its mix of compact cars to 16% of the total U.S. fleet from 21% a year ago was met at quarter end, better reflecting customer preference. Also, the Company continued to roll out its Ultimate Choice program, where customers are able to choose their preferred vehicle, on site, with no wait.

  • 08

    Aug

HTZ Hertz
$14.24

-1 (-6.56%)

07/31/17
LEHM
07/31/17
DOWNGRADE
Target $9
LEHM
Underweight
Hertz downgraded to Underweight from Equal Weight at Barclays
Barclays analyst Brian Johnson downgraded Hertz Global Holdings to Underweight with an unchanged price target of $9. Fundamentals may have bottomed, but the stock is ignoring the challenges ahead in the company's earnings recovery following the nearly 100% rally since June 21, Johnson tells investors in a research note. He expects a "sharp miss" relative to expectations when Hertz reports Q2 results.
07/31/17
07/31/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Facebook (FB) downgraded to Sell from Hold at Pivotal Research with analyst Brian Wieser saying the shares are not factoring in risks to the company's growth following their "remarkable run" this year. 2. Ulta Beauty (ULTA) downgraded to Perform from Outperform at Oppenheimer with analyst Rupesh Parikh saying softer commentary from L'Oreal on its earnings call, increasing promotional activity from the department store channel, and more difficult year-over-year comparisons "could now signal a potentially more challenging beauty backdrop going forward." 3. Hertz (HTZ) downgraded to Underweight from Equal Weight at Barclays with analyst Brian Johnson saying fundamentals may have bottomed, but the stock is ignoring the challenges ahead in the company's earnings recovery following the nearly 100% rally since June 21. 4. Citi (C) downgraded to Market Perform from Outperform at BMO Capital with analyst James Fotheringham citing valuation and lack of catalysts. 5. Visteon (VC) downgraded to Neutral from Buy at UBS with analyst Colin Langan saying the risk/reward is more balanced with the shares up 60% over the last year. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/04/17
JPMS
08/04/17
INITIATION
Target $15
JPMS
Neutral
Hertz initiated with a Neutral at JPMorgan
JPMorgan analyst Samik Chatterjee started Hertz with a Neutral rating and $15 price target. The analyst believes greater profit growth is possible but sees higher execution risk.
08/04/17
08/04/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Square (SQ) initiated with a Neutral at Wedbush. 2. Avis Budget (CAR) was initiated with an Overweight at JPMorgan while Hertz (HTZ) was initiated with a Neutral at the firm. 3. IBM (IBM) initiated with a Neutral at Wedbush. 4. Amtech Systems (ASYS) initiated with a Buy at Roth Capital. 5. Franklin Financial Network (FSB) initiated with a Market Perform at Hovde Group. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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